In particular, a few companies that could benefit include Valero, HollyFrontier, Tesoro, CVR and Calumet.

Lipow, president of Lipow Associates, also said that the market could see gasoline prices decline.

“I think come the dead of winter, we should be declining, actually, about 15 cents from where we are now, putting us at $3.60 (per gallon),” he said.

Trader disclosure: On Aug. 24, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long AAPL, Joe Terranova is long VRTS, Joe Terranova is long SBUX, Joe Terranova is long WFM, Joe Terranova is long CSTR, Joe Terranova is long CHKP, Joe Terranova is long EMC, Joe Terranova is long NXPI, Joe Terranova is long AAPL SPT. $640 PUTS, Joe Terranova is long AAPL SEPT. $700 PUTS, Joe Terranova is long OCT 2012 GASOLINE; Guy Adami is long C, Guy Adami is long GS, Guy Adami is long INTC, Guy Adami is long AGU, Guy Adami is long NUE, Guy Adami is long BTU; Steve Grasso is long AET, Steve Grasso is long ASTM, Steve Grasso is long BA, Steve Grasso is long GDX, Steve Grasso is long LNG, Steve Grasso is long MHY, Steve Grasso is long NVIV, Steve Grasso is long PFE, Steve Grasso is long S; Stephanie Link is long AAPL; Stephanie Link is long BRCM; Stephanie Link is long CVX; Stephanie Link is long SLB; Stephanie Link is long ETN; Stephanie Link is long JPM;

For Liz Dunn None

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